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Question...

I had taken a home loan from SBI @ 8% Fixed Rate Option. But now in the Interest Accrued Certificate issued for 2008-09, the rate is revised to 11.25%. On my asking the BM, he claims that the Fixed Rate is applicable just for a period of 3 years only. Pl clarrify the remedies available to me in this regard.

Answer...

You should explore the option of changing
your home loan lender if you have maintained a good track record of
repayment on the loan. You can
also check the 'Should I switch my loan' calculator on Apnaloan to
check whether it makes sense to change the lender.

You
may want to consider the prepayment charges payable to the exisitng
lender and the processing fee to the new lender. You can check the home loan comparator to compare offers.

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Date : Jun 26, 2009

Question

I had taken a home loan from SBI @ 8% Fixed Rate Option. But now in the Interest Accrued Certificate issued for 2008-09, the rate is revised to 11.25%. On my asking the BM, he claims that the Fixed Rate is applicable just for a period of 3 years only. Pl clarrify the remedies available to me in this regard.

Answer

You should explore the option of changing
your home loan lender if you have maintained a good track record of
repayment on the loan. You can
also check the 'Should I switch my loan' calculator on Apnaloan to
check whether it makes sense to change the lender.

You
may want to consider the prepayment charges payable to the exisitng
lender and the processing fee to the new lender. You can check the home loan comparator to compare offers.